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AMG · AFFILIATED MANAGERS GROUP, INC.

36 filings

10-K

AMG 10-K Annual Reports

AFFILIATED MANAGERS GROUP, INC. - 36 annual reports

Filing record · 2016–202610-K1510-Q328-K101

2025
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2025
Affiliated Managers Group, Inc. (AMG) reported strong performance in fiscal year 2025, with assets under management (AUM) growing 15% to $813.3 billion. This growth was driven by net client inflows, positive investment performance, and strategic partnerships with new affiliates, particularly in alternative strategies like private markets and liquid alternatives. The company's strategic shift towards alternatives is designed to enhance long-term organic growth and earnings stability. Financially, AMG saw a significant increase in net income (controlling interest) of 40% to $716.6 million, boosted by substantial affiliate transaction gains totaling $371.3 million and a 48% increase in equity method income. Adjusted EBITDA (controlling interest) also grew by 11% to $1.08 billion. The company maintained a solid financial position with a leverage ratio of 0.9x and ample liquidity. AMG continues to return capital to shareholders through share repurchases and dividends, demonstrating a commitment to shareholder value.
Feb 17, 2026
2024
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2024
Affiliated Managers Group, Inc. (AMG) reported total assets under management (AUM) of $708 billion as of December 31, 2024, a 5% increase from the previous year, primarily driven by positive investment performance. Aggregate fees grew by 3% to $5.24 billion, supported by an increase in asset-based fees, though performance-based fees saw a decrease. The company's net income (controlling interest) for the year was $511.6 million, a 24% decrease compared to the prior year, impacted by a one-time gain in the previous year from the sale of an affiliate and a decrease in investment and other income. Adjusted EBITDA (controlling interest) showed resilience, increasing by 4% to $973.1 million, driven by new affiliate investments and performance fees. AMG continued its commitment to returning capital to shareholders, with approximately $710 million in share repurchases during the year. Strategically, AMG continues to focus on expanding its alternatives business, particularly in private markets and liquid alternatives, as evidenced by growth in these AUM categories. The company also highlighted its strong financial position, with a significant cash balance and access to its revolving credit facility. Key risk factors include competition, reliance on investment performance for fees, and potential impacts from market volatility, although the company's diversified affiliate base and strategy aim to mitigate these risks.
Feb 14, 2025
2023
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2023
Affiliated Managers Group, Inc. (AMG) reported strong performance in its 2023 fiscal year, with total assets under management (AUM) reaching $673 billion, a 3% increase from the previous year. This growth was driven by net inflows into alternative strategies, particularly private markets and liquid alternatives, which offset outflows in equity strategies. The company's aggregate fees saw a 9% decrease to $5.1 billion, largely due to lower average AUM in global equities and the impact of the BPEA transaction, alongside a reduction in performance fees, particularly in liquid alternative strategies. Financially, net income attributable to controlling interest declined by 41% to $673 million, primarily due to lower affiliate transaction gains and equity method income, although a decrease in income tax expense provided some offset. The company continues to focus on its partnership approach with independent investment firms, emphasizing growth in private markets, liquid alternatives, sustainable investing, and wealth management. AMG also continued its share repurchase program, buying back approximately 3 million shares during the year, demonstrating a commitment to returning capital to shareholders.
Feb 16, 2024
2022
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2022
Affiliated Managers Group, Inc. (AMG) reported its 2022 fiscal year results, showcasing a strong performance driven by strategic investments and a notable gain from the sale of its equity interest in BPEA. Despite a 20% decrease in overall assets under management (AUM) to $651 billion, largely due to market downturns, the company demonstrated resilience. Aggregate fees saw a slight decrease of 1% to $5.56 billion, primarily due to lower asset-based fees, though performance-based fees showed an increase. Net income attributable to controlling interest surged significantly, largely due to a $641.9 million gain from the BPEA transaction. The company continued its commitment to returning capital to shareholders, repurchasing approximately $718 million of its common stock during the year, and maintained its investment-grade credit ratings. AMG's strategy remains focused on partnering with high-quality independent investment management firms in growth areas like private markets, liquid alternatives, and sustainable investing. The company made strategic investments in Systematica Investments and Peppertree Capital Management, Inc., reinforcing its focus on long-term value creation. While facing industry headwinds such as increased competition and shifts towards lower-fee products, AMG's diversified business model and focus on specialized strategies position it to navigate the evolving investment landscape. Investors should monitor the impact of market volatility on AUM and fee generation, as well as the company's ongoing investment strategy and capital allocation decisions.
Feb 17, 2023
2021
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2021
Affiliated Managers Group, Inc. (AMG) reported strong growth in its 2021 fiscal year, with assets under management (AUM) increasing to $814 billion, up from $716 billion in 2020. This growth was driven by both market appreciation and net client inflows, particularly in secular growth areas like private markets, liquid alternatives, and ESG strategies. Aggregate fees rose by 21% to $5.6 billion, reflecting the increase in AUM and a positive shift in fee mix. The company's strategy of partnering with independent active investment management firms continues to yield positive results, with recent acquisitions in ESG and real estate sectors. Adjusted EBITDA (controlling interest) saw a significant increase of 33% to $1.06 billion, indicating robust operational performance. Financially, AMG demonstrated solid operational efficiency, with net income (controlling interest) jumping to $565.7 million from $202.2 million in the prior year. This improvement was supported by a decrease in intangible amortization and impairments, and a significant increase in equity method income. The company also continued its commitment to returning capital to shareholders through share repurchases, buying back 3.5 million shares in 2021. Despite a substantial debt load of $2.5 billion, AMG's credit metrics remained strong, with leverage ratios well within covenants, suggesting a stable financial position.
Feb 18, 2022
2020
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2020
Affiliated Managers Group, Inc. (AMG) reported its full-year 2020 financial results, showcasing a robust partnership model in the asset management industry. Despite the challenges posed by the COVID-19 pandemic, AMG maintained operational continuity and strategic investments, completing minority investments in three firms: Comvest Partners, Inclusive Capital Partners LP, and Jackson Square Partners LLC. The company's strategy revolves around partnering with independent active investment management firms, providing them with growth capital, global distribution, and other strategic support while allowing them operational and investment autonomy. Financially, AMG reported consolidated revenue of $2,027.5 million, a decrease of 9% from the prior year, primarily driven by a decline in asset-based fees due to outflows in certain quantitative and equity strategies, and a shift in asset composition. However, performance-based fees saw an increase. Net income attributable to controlling interest significantly improved year-over-year, largely due to a substantial decrease in equity method intangible amortization and impairments. The company also maintained a strong liquidity position with $1,039.7 million in cash and cash equivalents as of December 31, 2020, and continued its capital return initiatives through share repurchases.
Feb 19, 2021
2019
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2019
Affiliated Managers Group, Inc. (AMG) reported a challenging year in 2019, with net income (controlling interest) dropping significantly to $15.7 million from $243.6 million in 2018. This decline was largely driven by substantial increases in intangible amortization and impairments, particularly related to equity method investments, and a decrease in Adjusted EBITDA. Aggregate fees also decreased by 9% to $4,962.7 million, reflecting an 8% reduction in average assets under management, impacted by client outflows in certain strategies and a slight decline in the asset-based fee ratio. Despite these financial headwinds, AMG continued its strategy of investing in high-quality boutique investment management firms. The company completed an investment in Garda Capital Partners LP and announced the acquisition of Comvest Partners. AMG also focused on returning capital to shareholders, repurchasing approximately $421.4 million of its common stock and paying dividends. The company's liquidity remains solid, with $539.6 million in cash and cash equivalents at year-end 2019, and it maintains compliance with its debt covenants.
Feb 28, 2020
2018-A
AFFILIATED MANAGERS GROUP, INC. Annual Report (Amendment), Year Ended Dec 31, 2018
This Form 10-K/A is a supplemental filing by Affiliated Managers Group (AMG) that adds audited financial statements of AQR Capital Management Holdings, LLC, an affiliate in which AMG holds a minority interest. It does not contain AMG's own financial statements, which were filed in the original 10-K on February 22, 2019. The AQR statements show a weaker 2018: total revenues fell about 12.9% to $1.14 billion from $1.31 billion, and net income fell about 35% to $524.5 million from $806.6 million. Operating expenses rose about 18.5% to $605.4 million, led by compensation and benefits, which grew about 15.7% to $424.6 million. Pre-tax margin compressed from roughly 62% to roughly 47%. The balance sheet shrank meaningfully. Total assets dropped to $436.9 million from $659.4 million, driven mainly by a sharp decline in fee receivables from affiliated funds (down to $33.8 million from $235.1 million) and lower redeemable members' interest, which fell to $45.8 million from $284.3 million after about $190 million was reclassified to members' equity effective January 1, 2018. Debt rose to $118.1 million from $50.3 million, reflecting an $85 million term loan outstanding after a $115 million partial repayment in October 2018. Distributions to members increased about 19% to $776.0 million, which exceeded net income and was funded in part by operating cash flow and debt. For AMG investors, the key takeaways are that AQR's fee base and earnings declined in 2018, its cash generation remained strong at $774.6 million of operating cash flow, and the company disclosed that it expects the ASC 606 adoption to change the presentation of certain costs on a gross versus net basis, though not the timing of fee revenue recognition.
Apr 1, 2019
2018
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2018
Affiliated Managers Group, Inc. (AMG) reported a challenging year in 2018, with assets under management (AUM) decreasing by 12% to $736.0 billion, primarily driven by broad declines in equity markets in the fourth quarter and continued investor preference for passive investment products. This led to a 2% decrease in aggregate fees to $5.44 billion. Consequently, net income attributable to controlling interest saw a significant drop of 65% to $243.6 million. Despite the AUM decline, average AUM increased by 5% to $819.9 billion, reflecting strong performance earlier in the year and growth in alternative and multi-asset strategies. AMG's business model relies on its partnerships with boutique investment management firms (Affiliates) that focus on active, return-oriented strategies. The company's strategy is to grow through existing Affiliates and new investments, supported by a unique partnership approach that aligns interests and preserves operational autonomy. While the company faced headwinds in 2018, it continues to benefit from strong client relationships and a diversified range of investment products. The company also remains committed to returning capital to shareholders, evidenced by its share repurchase programs.
Feb 22, 2019
2017-A
AFFILIATED MANAGERS GROUP, INC. Annual Report (Amendment), Year Ended Dec 31, 2017
This Form 10-K/A (Amendment, filed March 29, 2018) does not contain Affiliated Managers Group, Inc.'s own financial statements. Its purpose is to add Exhibit 99.1, the audited consolidated financial statements of AQR Capital Management Holdings, LLC and subsidiaries, which AMG includes under Rule 3-09 of Regulation S-X. AMG's own Item 8 financials remain in its original 10-K filed February 23, 2018. Investors should read this filing as a window into AQR, a significant affiliate, rather than as a restatement or update of AMG's results. AQR's 2017 results were strong. Total revenues rose about 39% to $1.31 billion from $941 million in 2016, driven by affiliate fees, which grew about 43% to $976 million, and managed-account fees, which grew about 29% to $331 million. Net income increased about 52% to $806.6 million, a net margin of roughly 62%. Compensation and benefits grew about 25% to $367 million, so operating leverage was significant. Members received $651 million in distributions, up about 7%, while total members' and redeemable members' interests grew substantially on retained earnings. Balance-sheet growth was also notable. Total assets rose to $659 million from $433 million, led by a near doubling of fee receivables to $316 million, mostly from affiliated funds. Debt increased to $50 million, including $37 million of fixed-asset financing, and the $125 million unsecured credit facility carried $38 million outstanding at year-end. The filing discloses roughly $335 million of net future lease commitments, a $25 million unsecured letter of credit tied to a 2017 office lease amendment, and a $13 million forgivable-loan-style Connecticut state loan. Subsequent-event disclosures note a March 2018 amendment to AQR's operating agreement affecting member allocations of future income and sale proceeds, which could matter for AMG's economic share of AQR.
Mar 29, 2018
2017
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2017
Affiliated Managers Group, Inc. (AMG) operates as a global asset management company by investing in and partnering with leading boutique investment management firms (Affiliates). As of December 31, 2017, AMG managed approximately $836.3 billion in assets across over 550 investment products, focusing on active return-oriented strategies. The company's innovative partnership model allows Affiliate management teams to retain significant equity in their firms, aligning interests and fostering operational autonomy while providing AMG with access to diverse investment strategies and client bases. Financially, AMG demonstrated robust growth in 2017, with total assets under management increasing by 21% to $836.3 billion and aggregate fees rising by 29% to $5,545.8 million. Net income attributable to controlling interest saw a significant 46% increase to $689.5 million. This strong performance was partly boosted by a one-time tax benefit from U.S. tax law changes. The company also repurchased shares and increased its quarterly dividend, indicating a commitment to returning value to shareholders. Despite market volatility and regulatory complexities inherent in the asset management industry, AMG's diversified affiliate model and focus on active management strategies position it for continued growth.
Feb 23, 2018
2016-A
AFFILIATED MANAGERS GROUP, INC. Annual Report (Amendment), Year Ended Dec 31, 2016
This filing is Amendment No. 1 (Form 10-K/A) to Affiliated Managers Group's annual report for fiscal 2016, originally filed February 24, 2017. It does not contain AMG's own consolidated financial statements. Its purpose is to add Exhibit 99.1, the audited financial statements of AQR Capital Management Holdings, LLC, an affiliate in which AMG holds a minority interest. Investors should read the AQR data as a window into one of AMG's key affiliates, not as AMG's results. AQR's 2016 results were strong. Total fees rose about 10% to $939.8 million, driven by affiliate fees, which grew from $595.1 million to $682.5 million. Total revenues reached $941.5 million, net income was $530.4 million (up from $527.1 million), and operating cash flow was $657.1 million. Compensation expense grew faster than revenue, rising about 27% to $292.3 million, which compressed margins somewhat. Total assets fell to $433.4 million, and members' equity declined to $39.9 million as distributions of $606.1 million exceeded net income. This distribution-heavy model means AQR's economics flow largely to its members, which is relevant to AMG's share of earnings from the affiliate. AQR's balance sheet shows a shift in receivables. Affiliate fee receivables fell from $188.1 million to $88.5 million, which contributed to the operating cash inflow. Debt rose from $15.6 million to $37.8 million, including a $13.0 million Connecticut state loan, while the credit line declined modestly to $42.0 million. Management reports compliance with covenants. Subsequent events include renewal of the $42.0 million credit line at 2.4% and 2.5% into May 2017. The filing notes that AQR's 2014 and 2015 figures, and its 2015 balance sheet, are unaudited.
Mar 31, 2017
2016
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2016
Affiliated Managers Group, Inc. (AMG) in their February 24, 2017, 10-K filing for the fiscal year ending December 31, 2016, highlights a period of significant growth in assets under management, reaching $688.7 billion, a 13% increase year-over-year. This growth was driven by strong market performance and strategic investments in new 'Affiliates,' primarily in alternative strategies. Despite an increase in overall assets, the company saw a 12% decrease in revenue from its consolidated Affiliates, largely due to a decline in assets under management within their mutual fund and institutional channels, as well as a reduction in renewal commissions due to regulatory changes in the UK. Net income (controlling interest) saw a 7% decrease to $472.8 million, primarily attributed to increased imputed interest expense and contingent payment arrangements. However, 'Economic Net Income' (a non-GAAP measure) grew by 2% to $703.6 million, indicating underlying operational profitability. The company also initiated a quarterly cash dividend program, signaling a commitment to returning capital to shareholders. AMG's business model, which involves taking equity stakes in boutique investment management firms, remains central to its strategy, with a focus on active return-oriented strategies.
Feb 24, 2017
2015-A
AFFILIATED MANAGERS GROUP, INC. Annual Report (Amendment), Year Ended Dec 31, 2015
This Form 10-K/A (Amendment No. 1) for Affiliated Managers Group (AMG) does not contain AMG's own financial statements. It adds Exhibit 99.1, the separately audited-format financial statements of ValueAct Holdings, L.P. and its Controlled Affiliates, an investment manager in which AMG holds a minority interest. The amendment was filed under Item 15 to supplement the original 10-K filed February 25, 2016. Investors should read it as supplemental disclosure about an equity affiliate, not as an update to AMG's results. The filing does not state AMG's ownership percentage or its share of ValueAct's earnings. ValueAct's 2015 results were weak. The partnership reported a net loss attributable to partners of $(121.9) million, compared with net income of $556.6 million in 2014. The swing reflected a net loss on investments of $(655.6) million, driven by a $(2.17) billion unrealized loss partly offset by $1.51 billion of realized gains. Total assets rose to $18.65 billion, largely because redeemable noncontrolling interests (third-party fund capital) grew to $15.94 billion. Partners' capital fell to $1.00 billion from $1.34 billion. Compensation expense jumped to $166.3 million from $34.9 million, including a $92.9 million charge tied to a 2015 modification of equity-based awards. Several caveats matter. The 2015 and 2014 statements are marked "not covered by auditor's report," and the PricewaterhouseCoopers opinion included in the exhibit refers to the 2013 year, which limits how much assurance the exhibit provides. The ValueAct Funds also posted $315 million of collateral on an equity forward contract tied to Baker Hughes, and the notes disclose a $11.1 million forward position that carried a $9.7 million unrealized loss. Overall, the exhibit shows a sharp 2015 drawdown at a key affiliate, with a large amount of fund capital that AMG does not own.
Mar 30, 2016
2015
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2015
Affiliated Managers Group, Inc. (AMG) in its 2015 10-K filing presents a business model focused on acquiring and investing in leading boutique asset management firms. As of December 31, 2015, AMG managed $611.3 billion in assets across over 500 investment products, with a strategic emphasis on active return-oriented strategies rather than passive indexing. The company's innovative partnership approach allows boutique firms to retain operational autonomy and significant equity stakes, aligning incentives and fostering long-term growth. Financially, 2015 saw a slight decrease in Assets Under Management (AUM) to $611.3 billion, primarily due to market fluctuations and foreign exchange impacts, though new affiliate investments partially offset this. Net income attributable to controlling interest rose by 14% to $516.0 million, and diluted EPS increased to $9.28. The company highlights strong performance metrics like EBITDA and Economic Net Income, indicating robust operational performance. AMG continues to focus on strategic investments in new and existing affiliates, debt management, and share repurchases, while noting potential risks related to market volatility, competition, and regulatory changes.
Feb 25, 2016
2014-A
AFFILIATED MANAGERS GROUP, INC. Annual Report (Amendment), Year Ended Dec 31, 2014
This is Amendment No. 1 to Affiliated Managers Group's (AMG) 10-K for fiscal 2014, filed March 31, 2015. It does not restate AMG's own financials, which were filed in the original 10-K on February 23, 2015. Its sole purpose is to add Exhibit 99.1, the financial statements of ValueAct Holdings, L.P. and its Controlled Affiliates, in which AMG holds a minority interest. The filing does not state AMG's ownership percentage, so investors cannot isolate AMG's economic share from these figures. The ValueAct statements show a partnership that grew substantially in 2014. Total assets rose to $17.67 billion from $14.62 billion, driven mainly by investments in securities of $16.64 billion. Net income was $2.37 billion, but only $556.6 million was attributable to partners, with $1.82 billion going to redeemable noncontrolling interests (third-party investors in the ValueAct Funds). Net cash used in operating activities was $1.80 billion, largely reflecting securities purchases, and the partnership took in $1.20 billion of new capital from noncontrolling interests while distributing and paying out $980 million to them. Investors should note the audit coverage limits. The PricewaterhouseCoopers opinion covers only the 2013 balance sheet and 2013 results and cash flows, and it is dated March 28, 2014. The 2014 statements, and the 2012 comparatives, are marked as not covered by the auditor's report. The filing is therefore best read as supplemental disclosure about an investee rather than as a source of AMG-level financial performance data.
Mar 31, 2015
2014
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2014
Affiliated Managers Group, Inc. (AMG) presented a strong performance in its 2014 fiscal year, as detailed in its 2015 10-K filing. The company, which invests in and provides support to leading boutique investment management firms (Affiliates), saw its assets under management grow to $620.2 billion by the end of 2014, a significant increase from previous years. This growth was driven by a combination of new investments, organic growth from net client cash flows, and positive investment performance across its Institutional, Mutual Fund, and High Net Worth distribution channels. Financially, AMG demonstrated robust growth in net income and earnings per share. Net income attributable to controlling interests increased by 25% year-over-year, reaching $452.1 million, with diluted EPS rising to $8.01. The company also highlighted its non-GAAP "Economic Net Income" and "EBITDA," which also showed substantial increases, reflecting the operational performance before certain non-cash expenses. Despite a notable increase in debt, the company maintained strong liquidity and positive operating cash flow, supporting its growth strategy which includes further investments in new Affiliates.
Feb 23, 2015
2013-A
AFFILIATED MANAGERS GROUP, INC. Annual Report (Amendment), Year Ended Dec 31, 2013
This Form 10-K/A (Amendment No. 1) does not contain Affiliated Managers Group's own consolidated financial statements. It was filed to add Exhibit 99.1, the audited financial statements of ValueAct Holdings, L.P. and its Controlled Affiliates, an investment manager in which AMG holds a minority interest. AMG's full 2013 results were included in its original 10-K filed February 27, 2014. Investors should read this amendment as supplemental disclosure about an equity-method affiliate, not as an update to AMG's earnings or balance sheet. The filing does not quantify AMG's ownership stake or its share of ValueAct's income. ValueAct's 2013 results were very strong. Total assets rose to $14.62 billion from $9.76 billion, driven by investments in securities at fair value of $12.44 billion, up from $8.58 billion. Net income was $3.98 billion, including $1.21 billion of net realized gains and $2.64 billion of net unrealized gains. Net income attributable to the partners was $849.4 million, versus $302.5 million in 2012. Most of the economics belong to redeemable noncontrolling interests (outside investors), which account for $12.45 billion of the balance sheet and $3.13 billion of 2013 net income. Operating expenses were modest at $65.7 million. Management and performance fee economics flow through the controlled management company, which is why the underlying fund flows and asset growth matter to AMG's affiliate-level earnings. The auditor, PricewaterhouseCoopers LLP, issued an unqualified opinion dated March 28, 2014, on the 2013 statements only. The 2012 and 2011 figures are marked as not covered by the auditor's report. The 2012 financials were revised to correct a $61.6 million accounting error for equity-based compensation, which was recorded as a liability instead of an increase in partners' capital. Two ValueAct AllCap partnerships were dissolved after year-end 2013.
Mar 31, 2014
2013
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2013
Affiliated Managers Group, Inc. (AMG) presented a strong financial performance for the fiscal year ending December 31, 2013. The company reported a significant increase in Net Income (controlling interest) to $360.5 million, a 107% increase year-over-year, and diluted Earnings Per Share (EPS) rose to $6.55, doubling from the previous year. This robust growth was driven by a substantial increase in Assets Under Management (AUM), which grew by 24% to $537.3 billion, fueled by both strong investment performance and organic net client cash flows. AMG's diversified business model, which involves taking equity stakes in boutique investment management firms, continues to prove effective. The company's strategic focus on internal growth of existing Affiliates and the addition of new high-quality firms contributed to revenue growth of 21% to $2.19 billion. The company also highlighted a healthy cash flow from operations of $957.1 million, demonstrating its ability to generate significant cash to fund its growth strategy, investments, and debt obligations. Looking ahead, AMG is well-positioned to capitalize on further opportunities in the asset management industry.
Feb 27, 2014
2012
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2012
Affiliated Managers Group (AMG) reported solid performance in its 2012 10-K filing, with assets under management (AUM) growing by 32% to $431.8 billion, driven by a combination of investment performance, organic growth, and strategic new investments in boutique investment management firms like Veritable and Yacktman. Revenue saw a 6% increase year-over-year to $1.81 billion, while Net Income (controlling interest) grew by 6% to $174.0 million. The company's growth strategy continues to focus on acquiring stakes in high-quality boutique firms, leveraging its partnership approach to preserve operational autonomy and entrepreneurial culture. AMG's diversified business model across institutional, mutual fund, and high net worth channels, coupled with its global distribution capabilities, positions it to navigate market fluctuations. Despite a notable $102.2 million impairment of an indefinite-lived intangible asset, the company demonstrated resilience. Looking ahead, AMG remains focused on continued investment in new Affiliates and organic growth, supported by a strong balance sheet and liquidity position, though it also faces ongoing risks related to market volatility, regulatory changes, and competition.
Feb 22, 2013
2011
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2011
Affiliated Managers Group, Inc. (AMG) operates as a global asset management company with a strategic focus on acquiring equity interests in diverse boutique investment management firms. The company's growth strategy centers on internal growth of existing businesses, strategic investments in new firms, and enhancing the capabilities of its Affiliates through scale economies in distribution, operations, and technology. As of December 31, 2011, AMG managed $327.5 billion in assets across its Mutual Fund, Institutional, and High Net Worth distribution channels. The filing highlights robust revenue growth driven by increasing assets under management and strategic acquisitions, alongside significant investments in global distribution capabilities. Key financial performance indicators show strong revenue increases over the past few years, attributed to both organic growth from net client cash flows and strategic acquisitions of new Affiliates. The company is well-positioned to capitalize on future opportunities in the asset management industry, particularly as founders of boutique firms seek succession planning solutions. However, AMG faces risks including dependence on equity market performance, regulatory changes, and competition, which are detailed in the risk factors section.
Feb 23, 2012
2010
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2010
Affiliated Managers Group, Inc. (AMG) presented a strong recovery in 2010, with significant growth across key financial metrics following a challenging 2009. Total assets under management surged by 54% to $320.0 billion, driven by both market performance and strategic investments in four new boutique investment management firms: Artemis, Aston, Pantheon, and Trilogy. This expansion diversified AMG's business into alternative and international asset classes. Revenue increased by 61% to $1.36 billion, supported by higher asset-based fees and a substantial 154% increase in performance fees. Net income attributable to controlling interest grew substantially from $59.5 million in 2009 to $138.6 million in 2010, reflecting improved operational leverage and successful integration of new affiliates. The company's strategic focus on acquiring high-quality boutique firms and enhancing their growth prospects through operational and distribution support appears to be yielding positive results, positioning AMG for continued expansion in the global asset management market.
Mar 1, 2011
2009-A
AFFILIATED MANAGERS GROUP, INC. Annual Report (Amendment), Year Ended Dec 31, 2009
This Form 10-K/A (Amendment No. 1) for Affiliated Managers Group, Inc. (AMG) for fiscal 2009 does not contain AMG's own financial statements. Its sole purpose, per the explanatory note, is to add separate financial statements of ValueAct Holdings, L.P., an affiliate in which AMG holds a minority interest, under Item 15 and Exhibit 99.1. The filing otherwise leaves AMG's original 10-K, filed March 1, 2010, unchanged. Investors seeking AMG's revenue, earnings, or balance sheet should refer to that original report. The ValueAct data show a fund-management platform with $3.93 billion in total assets at December 31, 2009, down from $4.02 billion in 2008. Most of the balance sheet is non-controlling interests of $3.20 billion, which represent outside limited partners' capital. The partnership's own capital was only $90.2 million. Total income was $40.0 million in 2009, versus $87.6 million in 2008, while net income attributable to the controlling interest was $60.4 million, up from $17.5 million. Total net income of $852.8 million reflected a $1.49 billion unrealized gain on investments, which reversed the large 2008 losses. Realized losses of $652 million partly offset that gain. Investment gains are therefore volatile and largely flow to outside investors rather than the controlling partners. AMG's own market data in the filing show 42,355,387 common shares outstanding as of February 24, 2010. The aggregate market value held by non-affiliates was about $2.40 billion as of June 30, 2009, based on a closing price of $58.19. The auditor's report covers the ValueAct 2008 statements, and the 2009 statements are labeled as not covered by the auditor's report. Readers should weigh the 2009 figures accordingly.
Mar 31, 2010
2009
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2009
Affiliated Managers Group, Inc. (AMG) reported its 2009 annual results, reflecting a challenging market environment. Total assets under management stood at $208.0 billion, a decrease from the previous year, primarily due to market declines and net client outflows. Revenue also saw a significant decrease, falling to $841.8 million. Despite these headwinds, the company demonstrated resilience, with Net Income (controlling interest) recovering to $59.5 million after a net loss in 2008. AMG's strategy continues to focus on internal growth, strategic investments in boutique investment management firms, and enhancing its Affiliates' businesses. The company is actively pursuing new acquisitions, with several pending investments expected to close in the second quarter of 2010, indicating confidence in future growth. Management highlights the importance of Affiliate management equity ownership in aligning interests and incentivizing growth. Despite market volatility and regulatory scrutiny, AMG remains committed to its partnership approach and operational autonomy for its Affiliates, positioning itself for long-term value creation.
Mar 1, 2010
2008-A
AFFILIATED MANAGERS GROUP, INC. Annual Report (Amendment), Year Ended Dec 31, 2008
This Form 10-K/A (Amendment No. 1) from Affiliated Managers Group (AMG) does not contain new AMG financial results. Its sole purpose, per the explanatory note, is to add audited financial statements of ValueAct Holdings, L.P., a minority-owned affiliate, as Exhibit 99.1 under Item 15. The filing otherwise incorporates AMG's 2008 Form 10-K filed March 2, 2009, and the cover page reports 41,067,763 AMG shares outstanding as of February 25, 2009, with a non-affiliate market value of about $3.64 billion as of June 30, 2008 (closing price $90.06). Investors should read the amendment as supplemental disclosure about an investee, not as an update to AMG's own performance. The ValueAct statements show a sharp deterioration in 2008 for the investment partnership. Total assets fell about 39%, from $6.61 billion to $4.02 billion, driven by lower investments in securities ($3.21 billion versus $5.49 billion) and heavy withdrawals. Minority interests in net losses totaled $1.60 billion, and the partnership's net realized loss ($313 million) and net unrealized loss ($1.29 billion) were large. Despite this, the partnership reported net income of $17.5 million for 2008, compared with a $28.9 million loss in 2007. Partners' capital declined to $72.8 million from $112.4 million, reflecting $58.2 million in distributions. Management fees paid to the ValueAct management company were $59.3 million for 2008, versus $10.2 million in the partial 2007 period. For AMG shareholders, the key takeaway is that this affiliate, in which AMG holds a minority stake, experienced substantial investment losses and capital outflows in 2008, which is relevant to AMG's equity-method or investment-related exposure. The statements also note that a sub-advisor agreement expired January 1, 2009, reducing one fund's management fee to 0.25% of limited partners' capital. The 2007 comparative figures are unaudited, and the partnership's auditor (PricewaterhouseCoopers LLP) issued an unqualified opinion dated March 30, 2009.
Mar 31, 2009
2008
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2008
Affiliated Managers Group, Inc. (AMG) operates as an asset management company by holding equity investments in a diverse portfolio of boutique investment management firms. The company's strategy centers on driving shareholder value through the internal growth of its existing affiliates, making new investments in other asset management firms, and pursuing strategic transactions to enhance its affiliates' capabilities. As of December 31, 2008, AMG managed approximately $170.1 billion in assets across its Mutual Fund, Institutional, and High Net Worth distribution channels. However, the report highlights significant challenges faced by AMG in the current economic climate. The company's financial results are heavily reliant on equity market performance, which experienced unprecedented volatility in 2008, leading to a substantial decline in assets under management and a corresponding decrease in revenue and net income. The report also details substantial debt obligations and contingent liabilities, alongside a large intangible asset base which carries impairment risk. Despite these headwinds, AMG maintains a strategy focused on long-term growth and operational autonomy for its affiliates, while navigating a complex and evolving regulatory landscape.
Mar 2, 2009
2007
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2007
Affiliated Managers Group, Inc. (AMG) in its 2007 10-K filing presents a robust asset management business with significant growth in assets under management (AUM) across its Mutual Fund, Institutional, and High Net Worth distribution channels. Total AUM reached $274.8 billion as of December 31, 2007, an increase driven by positive investment performance and strategic new investments in firms like ValueAct Capital and BlueMountain Capital Management. The company's financial performance showed strong revenue growth, increasing by 17% to $1.37 billion in 2007. This growth was underpinned by a 27% rise in average AUM, although the revenue growth was less than AUM growth due to the impact of equity method investments where revenue is not consolidated. Net income also saw a healthy increase of 20% to $182 million. AMG's strategy focuses on partnering with high-quality boutique investment management firms, maintaining their entrepreneurial culture while providing scale benefits. The company's balance sheet reflects substantial intangible assets and equity investments in its Affiliates, indicating a business model heavily reliant on acquisitions and organic growth within its acquired firms.
Feb 29, 2008
2006
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2006
Affiliated Managers Group, Inc. (AMG) reported strong financial performance for the fiscal year ended December 31, 2006, with significant growth in revenue and net income, driven by a substantial increase in assets under management across its three distribution channels: Mutual Fund, Institutional, and High Net Worth. The company's strategy of investing in and partnering with mid-sized investment management firms continues to yield positive results, evident in the 28% revenue growth to $1.17 billion and a 27% increase in net income to $151.3 million. Assets under management grew by 31% to $241.1 billion, showcasing the successful execution of AMG's growth strategy. Key investments and acquisitions, such as Chicago Equity Partners, LLC, further diversified AMG's offerings and client base. The company's robust financial health is also supported by strong cash flow from operations and a solid EBITDA. Investors should note AMG's continued focus on internal growth, strategic acquisitions, and leveraging economies of scale for its affiliates. The company's diversified business model across asset classes and distribution channels helps mitigate market risks. While facing a competitive landscape and regulatory environment, AMG's strong operational performance and strategic positioning suggest a positive outlook for continued shareholder value creation.
Mar 1, 2007
2005
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2005
Affiliated Managers Group, Inc. (AMG) reported strong growth in assets under management and revenue for the fiscal year ended December 31, 2005. Total assets under management grew to $184.3 billion, a significant increase from $129.8 billion in the prior year, driven by new investments and positive market performance across its Mutual Fund, Institutional, and High Net Worth distribution channels. Revenue also saw a substantial jump to $916.5 million, up from $660.0 million in 2004, reflecting the growth in managed assets. Net income reached $119.1 million, a 54% increase year-over-year. The company's growth strategy is centered on acquiring equity interests in mid-sized investment management firms and fostering internal growth within its existing Affiliates. AMG's acquisition of six Canadian asset management firms in July 2005, along with other strategic investments, significantly contributed to its expanded AUM and revenue base. The company's diversified business model, spanning various asset classes and distribution channels, appears to be effectively mitigating market risks. AMG's financial health is further supported by robust EBITDA of $267.5 million and a manageable leverage ratio of 2.0:1 as of year-end 2005.
Mar 16, 2006
2004
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2004
Affiliated Managers Group, Inc. (AMG) operates as an asset management company through its equity investments in a diverse portfolio of mid-sized investment management firms. As of December 31, 2004, AMG's Affiliates managed approximately $129.8 billion in assets across mutual fund, institutional, and high net worth channels. The company's growth strategy centers on the internal expansion of its existing businesses and strategic acquisitions of investment management firms, aiming to leverage succession planning opportunities for founders approaching retirement. AMG reported strong financial performance in 2004, with total revenue reaching $660 million, a significant increase from $495 million in 2003. Net income also saw a healthy rise to $77.1 million from $60.5 million. This growth was driven by a substantial increase in assets under management, up to $129.8 billion from $91.5 billion in the prior year, fueled by both positive investment performance and strategic acquisitions. The company's diversified business model across asset classes and distribution channels positions it to mitigate market risks, while its focus on acquiring and supporting mid-sized firms demonstrates a clear strategy for continued expansion within the asset management industry.
Mar 16, 2005
2003
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2003
Affiliated Managers Group, Inc. (AMG) delivered a strong financial performance in 2003, reflecting the robust growth in the asset management industry driven by favorable market conditions. The company's assets under management grew to $91.5 billion, a significant increase from $70.8 billion in 2002, primarily fueled by the investment in Third Avenue and positive net client cash flows. Revenue saw a modest increase of 3% to $495.0 million, while Net Income grew by 8% to $60.5 million, demonstrating effective management of operating expenses and strategic growth initiatives. AMG continues to execute its growth strategy by investing in mid-sized investment management firms and enhancing its existing businesses across its three distribution channels: Mutual Fund, Institutional, and High Net Worth. The company is well-positioned to capitalize on industry trends, including demographic shifts and wealth creation, and is actively pursuing strategic transactions to further expand its capabilities. The company's financial position remains solid, supported by growing EBITDA, though it also faces leverage considerations related to its convertible debt and credit facilities.
Mar 15, 2004
2002
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2002
Affiliated Managers Group, Inc. (AMG) presents its 2002 Form 10-K, detailing a significant year marked by revenue growth and strategic investments despite challenging market conditions. Total revenue saw an 18% increase, driven by acquisitions like Third Avenue and contributions from Friess and Welch & Forbes, though a broad decline in equity markets impacted overall assets under management, which ended the year at $70.8 billion. The company continues to execute its growth strategy by acquiring equity interests in mid-sized investment management firms, aiming to preserve entrepreneurial culture while providing scale benefits. Net income rose by 12% to $55.9 million, supported by the adoption of new accounting standards for intangible assets, which reduced amortization expenses. AMG's financial health appears stable, supported by a revolving credit facility and strong operating cash flow, although long-term obligations and potential future capital needs remain key considerations for investors.
Mar 31, 2003
2001
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2001
Affiliated Managers Group, Inc. (AMG) presents its 2001 annual report, highlighting a strategic focus on acquiring and growing mid-sized investment management firms. As of December 31, 2001, AMG managed approximately $81 billion in assets across its Affiliates, serving High Net Worth, Mutual Fund, and Institutional clients. The company's growth strategy emphasizes both internal expansion of existing Affiliates and the acquisition of new firms. Financially, 2001 saw a decrease in total revenue to $408.2 million and net income to $50.0 million, reflecting a challenging market environment with declining equity markets impacting asset values. Despite this, AMG continues to invest in its business, evidenced by significant capital raises through debt issuance and strategic acquisitions like Friess Associates, LLC and Welch & Forbes, Inc. The company maintains a strong focus on intangible assets, primarily goodwill and acquired client relationships, which constitute a substantial portion of its balance sheet.
Apr 1, 2002
2000
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 2000
Affiliated Managers Group, Inc. (AMG) operates as a holding company that acquires and manages equity interests in mid-sized investment management firms. As of December 31, 2000, AMG held investments in 15 such Affiliates, collectively managing $77.5 billion in assets. The company's business model focuses on acquiring majority stakes in these firms, allowing their management teams to retain significant ownership and operational autonomy while benefiting from AMG's capital and strategic support. In 2000, AMG's revenues saw a decrease primarily due to a significant reduction in performance-based fees compared to a strong 1999. However, asset-based fees from existing Affiliates and the recent acquisition of Frontier Capital Management Company, LLC provided some offset. The company manages its debt through a credit facility and is exploring future capital needs for further investments, highlighting a strategy heavily reliant on acquisitions for growth. Significant intangible assets, including goodwill, represent a substantial portion of AMG's balance sheet, with ongoing amortization impacting results.
Apr 2, 2001
1999
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 1999
Affiliated Managers Group (AMG) reported a strong 1999 for its FY ended December 31, 1999. The company buys equity stakes (typically majority interests) in mid-sized investment management firms, which keep operating autonomy and share revenues through an Operating Allocation (typically 50-70% of revenue for operating expenses) and an Owners' Allocation (typically 30-50%, largely to AMG). Revenues rose 117% to $518.7 million and net income climbed to $72.2 million ($3.18 diluted EPS) from $25.6 million, driven largely by performance-based fees (about 39% of 1999 revenue, up from 18%), principally at Essex. EBITDA rose to $166.8 million and Cash Net Income to $98.3 million. Assets under management reached $82.0 billion at year-end (pro forma $87.0 billion across 15 affiliates). The investor case has real risks. Management itself warns that 1999 performance fees were of unusual magnitude and may not recur, and that growth depends heavily on continued new acquisitions. Acquisitions have been funded largely with bank debt: $240.5 million was outstanding under the credit facility as of March 23, 2000 (after the January 2000 Frontier purchase), against $89.5 million of remaining capacity, with the facility maturing in December 2002. Total assets were $909.1 million, of which $574.9 million (about 63%) were intangibles and goodwill, so amortization and impairment risk is significant. Future put and purchase obligations to affiliate owners are contingent but substantial, ranging from $83.6 million to $386.9 million. AMG has never paid a cash dividend, and its credit facility prohibits dividends. AMG also had a small holding company (25 employees) and was repurchasing its own stock. Shares closed at $50.00 on March 23, 2000, versus a 1999 high of $40 7/16, and the non-affiliate market value was about $1.03 billion. Its business model is attractive when affiliate performance is strong, but earnings quality depends on performance fees and on the company's ability to keep funding acquisitions.
Mar 30, 2000
1998
AFFILIATED MANAGERS GROUP, INC. Annual Report, Year Ended Dec 31, 1998
Affiliated Managers Group (AMG) operates a holding-company model: it buys majority stakes in mid-sized investment management firms and receives an Owners' Allocation (typically 30-50% of affiliate revenues) after affiliates fund operating expenses from a fixed Operating Allocation (typically 50-70%). At December 31, 1998 it held 13 affiliates managing $62.1 billion in pro forma assets, and reported 1998 revenues of $238.5 million (up from $95.3 million in 1997), operating income of $92.8 million, and net income of $25.6 million, or $1.33 per diluted share, versus a net loss of $8.4 million in 1997. Growth has been driven almost entirely by acquisitions, which are financed with bank debt and equity. Year-end 1998 total debt was $190.5 million on the credit facility, plus $22.0 million in notes payable to related parties. The balance sheet is dominated by intangibles: of $605.3 million in total assets, $490.5 million are acquired client relationships and goodwill, so the company's earnings quality depends on the continued value of those assets. EBITDA was $76.3 million and EBITDA as adjusted was $45.7 million, both management-defined measures that exclude non-cash amortization. Pro forma for the Rorer, Essex and DHJA acquisitions, Tweedy, Browne alone accounted for about 28% of revenues and roughly 42% of pro forma EBITDA Contribution (39.3 of 96.9 million). Concentration in that one affiliate, along with dependence on key individuals, is a central risk. After the March 3, 1999 public offering, which raised $102.3 million in net proceeds used to repay debt, outstanding debt fell to $156.2 million with $173.8 million available under the credit facility. The company plans further acquisitions, including The Managers Funds, L.P., and expects to keep borrowing or issuing equity to fund them. It has never paid a cash dividend and its credit facility prohibits dividends. Management also faces substantial put and purchase obligations to affiliate owners, which range from $11.0 million to $227.5 million, so future share issuance or borrowing for these purchases could dilute shareholders or raise interest expense.
Mar 31, 1999